Combined with super tight vacancy rates, it was a year renters may prefer to forget.
As we push into 2024 the headlines are predicting continued rental pressure as high demand persists.
But recently we spotted some good news on the horizon for renters.
The number crunchers at PropTrack have noticed that investors have started to enter the market again following a mass exodus prompted by the pandemic.
More investors, means more rental properties and that will ease rental cost pressure in the long run.
“The re-emergence in investor activity in 2023 heralds good news for the overall health of the market,” writes PropTrack.
“This will help to drive more new construction, which will slowly rebalance supply and demand in the rental market.”
While relief might be on the horizon, this year is likely to remain a waiting game.
“In the short term, renters will continue to find the market difficult. The number of available rentals looks to remain low in the near-term. While rent growth has slowed, we expect the high level of rents will persist and further growth will continue,” PropTrack says.
“But we are slowly seeing the market rebalance following the significant disruption of the pandemic and that is something many renters will be happy to see.”
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